Ascott signs Saudi and Indian properties

George Sell By George Sell
10 October 2016 | Updated 10 October 2016

Singapore: The Ascott Limited has revealed plans for serviced apartment buildings in Saudi Arabia and India.

In Saudi Arabia Ascott will operate two properties for owner The United Spectrums Holding Company, both of which will open next year.

The 280-unit Ascott Makkah is located on Al Masjid Al Haram Street in the Al Aziziyah district, less than two kilometres from the Grand Mosque and Mina. The Spectrum Serviced Residences in Jeddah will feature 69 two-bedroom apartment units with varying layouts. Facilities will include a breakfast area, residents' lounge and children's playroom.

"We are delighted to have signed the agreements to manage the Ascott Makkah and Spectrum Serviced Residences," said Vincent Miccolis, Ascott's area general manager in the GCC. "Saudi Arabia remains a highly significant growth market and these latest signings not only strengthen Ascott's leadership position in the kingdom, but also reinforce our presence in the wider Middle East."

In India, Ascott has secured a contract with Sandhya Hotels to manage three new serviced residences. The properties are in Hyderabad, Bangalore and Sri City.

Citadines Financial District Hyderabad, Citadines Sri City and Somerset Bellandur Bangalore will strengthen Ascott's leading position as the largest international serviced residence operator in India with 10 properties across seven cities with more than 1,800 units.

Ascott CEO Lee Chee Koon said: "India attracted over US$39 billion worth of foreign investments in 2015, a 37% increase compared with 2014. Tourist arrivals are also on an upturn as India welcomed more than eight million visitors last year. India's fast-growing economy, increasing visitor arrivals and rising affluence present immense opportunities for international brands like Ascott. Our strategy for India is to expand in high-growth cities where there is strong demand for international-class serviced residences from expatriates, project teams and business travellers. We will establish more strategic alliances and seek investment opportunities as well as management contracts. Besides cities such as Bangalore, Chennai, and Gurgaon where Ascott is present, we are also looking at opportunities in key business cities including Hyderabad, Mumbai, New Delhi and Pune. India will be a key market as part of Ascott's global expansion to achieve our target of 80,000 apartment units by 2020."

Sreedhar Rao, managing director of Sandhya Hotels Private Limited, added: "Sandhya Hotels is venturing into the serviced residence segment with the development of these three properties in Hyderabad, Bangalore and Sri City. We are delighted to have Ascott manage these properties as it is the world's largest international serviced residence operator with award-winning brands. Given Ascott's strong expertise in attracting expatriates and business travellers and the properties' prime locations in IT hubs, we expect our serviced residences to do well."

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